Globe Trade Centre secures EUR 84m loan with J&T BANKA

Globe Trade Centre S.A. (JSE:GTCE) announced the conclusion of a EUR 84,000,000 loan facility agreement between its subsidiary Galeria Północna and J&T BANKA a.s. The loan, set to mature in five years, carries interest at 3M EURIBOR plus an applicable margin and will be repaid based on a 24-year amortisation repayment profile. Proceeds from the loan will be used to enhance the company's liquidity profile and finance the acquisition of the remaining 10.1% stake in its German residential portfolio. It will also support the initiation of the Company's disposal strategy in respect to this portfolio. The loan will be secured by standard security instruments for such facilities, including among others: (i) a pledge on the shares of Galeria Północna; (ii) a first-ranking mortgage over Galeria Północna's real property located in Warsaw; (iii) a pledge over Galeria Północna's bank accounts; (iv) a pledge over Galeria Północna's enterprise; (v) an assignment of receivables, rights under insurance policies.